Published: February 05, 2013
Washington – Business Roundtable (BRT), an association of chief executive officers of leading U.S. companies, issued the following comments in response to today’s remarks by President Obama concerning tax and spending proposals.
“Hiking taxes and foregoing improvements in our nation’s long-term competitiveness in favor of short term budget choices would move us in the wrong direction,” said BRT President John Engler. “The 4th Quarter contraction of U.S. GDP and persistently high unemployment underscore the urgency for action. America needs a growth strategy, not additional tax increases that will further worsen our already uncompetitive tax system.
“One-off tax proposals targeting specific industries cannot substitute for comprehensive reform of the nation’s century-old tax system. Any significant tax changes should be made only within the context of comprehensive tax reform that will put the nation on a path to more robust growth.
“As for spending, Business Roundtable favors a more thoughtful allocation of spending cuts rather than sequestration’s across-the-board, automatic spending reductions. This is achieved by the House and Senate passing budgets and working out the details in conference.”
CEOs of the Business Roundtable outlined a 2013 Growth Agenda that puts forward policy solutions to revive the economy in the near-term and ensure higher levels of growth and job creation over the long term.
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with more than $7.3 trillion in annual revenues and nearly 16 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – equal to 61 percent of U.S. private R&D spending. Our companies pay $182 billion in dividends to shareholders and generate nearly $500 billion in sales for small and medium-sized businesses annually.
BRT companies give more than $9 billion a year in combined charitable contributions.